Lukoil signs deal to acquire Croatian fuel retailer Crobenz

INA has submitted for review to the Croatian Competition Agency, AZTN, and to the agency-appointed divestiture trustee a contract for the sale of the fuel retailer signed with Lukoil Croatia, local press reported, quoting AZTN president Olgica Spevec as telling state-run news agency Hina.

The trustee should hand over to the AZTN within a seven-day period a reasoned opinion about the proposed deal with Lukoil Croatia on the basis of which the agency will then rule if the buyer meets the relevant requirements.

Crobenz is 100%-owned by INA. Hungary's MOL owns 47.15% of INA and the government in Zagreb holds a stake of some 44%.

Slovenian fuel retailer Petrol and Slavia Capital Group, part of Slovak-based oil trader Progress Trading, had also placed bids for Crobenz.

In April, INA said it had signed an agreement for the sale of Crobenz to Croatian Petrol Stations, an affiliated company of Progress Trading. In May, however, AZTN blocked the transaction and named a divestiture trustee.

In June 2009, AZTN cleared a deal that allowed MOL to gain control over INA but instructed the Croatian group to dispose of its 14 Crobenz filling stations due to market share concerns.

Russian oil major Lukoil entered the Croatian retail market in 2008 with the acquisition of local privately-owned fuel retailer Europa-Mil for an undisclosed price. Lukoil Croatia currently runs a network of 21 filling stations in the country.